UK announced the world’s first cryptoassets task force

 

UK’s Finance Minister Philip Hammond announced the launch of Cryptoassets Task force (Image: www.gov.uk)

 

UK announced the world’s first crypto assets task force on 22nd of March 2018.

UK’s Finance Minister Philip Hammond said in a statement:

“I am committed to helping the sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution. As part of that, a new task force will help the UK to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology”

The Cryptoassets Task Force will comprise of HM Treasury, the Bank of England, and the Financial Conduct Authority. “This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks” said Hammond in the statement.

HM Treasury (UK’s Finance Ministry) is hosting second ‘International Fintech conference’ in London to showcase opportunities for investments in UK’s fintech sector.

On Thursday, Phillip Hammond launched ‘the new UK fintech sector strategy’ at the Conference.

Earlier in January, British Prime Minister, Theresa May had shared her concerns about potential criminal uses of cryptocurrencies.

‘The Fintech Sector Strategy document’ released on HM Treasury’s website on Thursday, seems in sync with Prime Minister’s concerns. On the subject of cryptocurrencies, the strategy document says:

“The government is committed to working with industry to fully understand the risks of cryptoassets, and to consider how to mitigate them, as well as exploring the wider benefits of distributed ledger technology in financial services.”

The document also talks about the Cryptoassets Task Force:

“The government will also establish a Cryptoassets Task Force consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority to explore further the risks of cryptoassets and the potential benefits of the underlying distributed ledger technology, as well as to assess the future response of the appropriate authorities, including around regulation. This Task Force will look to report back in the Summer.”

 

 

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